VolkerWessels UK rebounds with strong profits

As work levels returned to normal last year, revenue edged forward 6% to £1.15bn, generating a £28m pre-tax profit.

This saw group margin recover to 2.4% and the secured order book reach £1.7bn, providing a sound basis for growth in the years ahead.

Chairman Alan Robertson said: “The operating result increased to £28m as a result of the combined impact of strong delivery in VolkerFitzpatrick, VolkerRail, VolkerHighways, VolkerLaser and much of the VolkkerStevin activity tempted by losses on a number of projects within the VolkerStevin portfolio.”

“We saw strong growth in the rail infrastructure sector in 2021 – partly due to project delayed in 2020, but also from successful participation in key contracts, including HS2, the East of Leeds projects, the East West Rail project and Barking Riverside overland rail extension.

He added: “As expected in our business in the marine, energy, water and environment infrastructure sector, we saw a decrease in revenue as we align our strategy to focus only on contracts which give an appropriate risk share.”

Net assets of VolkerWessels UK climbed from £92m to £119m at year-end with cash up nearly a third to £136m.

Staff levels also rose 8% driven by more operational staff to top 3,500.

 

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